Coeur d’Alene Bancorp Announces Its Second Quarter and Year to Date 2023 Results
Coeur d'Alene Bancorp (OTC Pink:CDAB) reported net income of $543,152 or $0.29 per share for Q2 2023, compared to $413,517 or $0.22 per share for Q2 2022. Total consolidated assets decreased by 5.9% to $236.4 million. Gross loans increased by 16% to $112 million. Total deposits decreased to $213.1 million. Year-to-date net income increased by 47% over the previous year. Loan demand increased by 4.51% in Q2. The investment portfolio remains short and is expected to provide liquidity in the coming quarters. Increased competition for deposits may pressure net interest margin in the second half of the year.
Positive
Year-to-date net income increased by 47% over the previous year.
Loan demand increased by 4.51% in the second quarter.
Gross loans increased by 16% to $112 million.
The investment portfolio remains short and continues to pay down as expected, providing liquidity in the coming quarters.
Negative
Total consolidated assets decreased by 5.9% to $236.4 million.
Total deposits decreased to $213.1 million.
Increased competition for deposits may pressure net interest margin in the second half of the year.
07/14/2023 - 02:15 PM
COEUR D'ALENE, ID / ACCESSWIRE / July 14, 2023 / Coeur d'Alene Bancorp (OTC Pink:CDAB), the parent company of bankcda, is pleased to announce its results for the second quarter 2023 and year to date 2023.
Coeur d'Alene Bancorp today reported net income for the second quarter of $543,152 or $0.29 per share, compared to $413,517 or $0.22 for the second quarter of 2022. Net income of $948,437 or $0.50 per share for the six months ended June 30, 2023, was also reported, compared to $644,772 or $0.34 per share for the six months ended 2022. All results are unaudited.
As of June 30, 2023, total consolidated assets were $236.4 million , a decrease of $14.8 million or 5.9% compared to June 30, 2022. Gross loans ended the period at $112 million compared to $96.5 million as of June 30, 2022, a 16% increase. Total deposits ended the quarter at $213.1 million compared to $228.9 million as of June 30, 2022.
"We are pleased with our performance so far this year with a 47% increase in year-to-date net income over the previous year and a 31% over the second quarter 2022. Loan demand remains strong, with an increase of 4.51% in the second quarter, which has historically been a slow period for us. The duration of our investment portfolio remains short at 2.24 years and continues to pay down as expected, which will provide liquidity in the coming quarters. We anticipate increased competition for deposits will put pressure on our net interest margin in the second half of the year." Said Wes Veach, President and Chief Executive Officer.
Financial Highlights :
Diluted earnings per share were $0.50 per share for the six months ended 2023 versus $0.34 per share for the six months ended 2022. Net Book value per share increased to $9.79 compared to $9.13 from one year ago. Annualized return on average assets (ROAA) was 0.80% for the six months ended 2023 compared to 0.51% for the six months ended 2022. Annualized return on average equity (ROAE) was 10.45% for the six months ended 2023, compared 6.75% for the six months ended 2022. For the 6 months ended June 30, 2023, net interest margin was 3.55% compared to 2.37% for 6 months ended June 30, 2022. Total assets ended the period at $236.4 million , compared to $251.2 million one year ago and $238.5 million as of March 31, 2023. Gross loans were $112 million at quarter end, versus $96.5 million on June 30, 2022, and $107.3 million as of March 31, 2023. Total deposits were $213.1 million at quarter end, versus $228.9 million on June 30, 2022, and $214.7 million on March 31, 2023. All capital ratios continue to exceed regulatory minimums. Continue to be FIVE Star-rated by Bauer Financial, which is their highest rating. Coeur d'Alene Bancorp, parent company of bankcda, is headquartered in Coeur d'Alene, Idaho with branches in Coeur d'Alene, Hayden, Post Falls and Kellogg, Idaho.
For more information, visit www.bankcda.bank or contact Wes Veach at 208-415-5006.
Forward-Looking Statements
This press release contains, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements preceded by, followed by, or that include the words "may," "could," "should," "would," "believe," "anticipate," "estimate," "expect," "intend," "plan," "projects," "outlook" or similar expressions. These statements are based upon the current belief and expectations of the Coeur d'Alene Bancorp's management team and are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond Coeur d'Alene Bancorp's control). Although Coeur d'Alene Bancorp believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, Coeur d'Alene Bancorp can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by Coeur d'Alene Bancorp or any other person that the future events, plans, or expectations contemplated by Coeur d'Alene Bancorp will be achieved.
All subsequent written and oral forward-looking statements attributable to Coeur d'Alene Bancorp or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Coeur d'Alene Bancorp does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.
Balance Sheet Overview (Unaudited)
Jun 30, 2023 Jun 30, 2022 Mar 31, 2023 Assets:
Cash and due from banks
$ 12,689,001 $ 41,883,707 $ 11,630,434 Securities available for sale, at fair value
103,254,381 104,527,719 111,440,827 Net loans
110,192,220 94,652,225 105,281,362 Other assets
10,247,109 10,104,680 10,157,167 Total assets
$ 236,382,711 $ 251,168,332 $ 238,509,790
Liabilities and Shareholders' Equity:
Total deposits
$ 213,078,287 $ 228,889,682 $ 214,730,653 Borrowings
- 204,515 - Capital lease liability
441,024 455,993 455,017 Other liabilities
4,353,771 4,347,959 4,524,832 Shareholders' Equity
18,509,629 17,270,182 18,799,288 Total liabilities and shareholders' equity
$ 236,382,711 $ 251,168,332 $ 238,509,790
Ratios:
Return on average assets
0.80 % 0.51 % 0.67 % Return on average equity
10.45 % 6.75 % 9.09 % Community bank leverage ratio
10.04 % 8.46 % 9.57 % Net interest margin (YTD)
3.44 % 2.27 % 3.43 % Efficiency ratio (YTD)
67.03 % 73.98 % 70.17 % Nonperforming assets to total assets
0.01 % 0.05 % 0.01 % Nonperforming assets to tier 1 capital
0.07 % 0.60 % 0.08 %
Income Statement Overview
(Unaudited)
For the three months ended For the six months ended
Jun 30, 2023 Jun 30, 2022 Jun 30, 2023 Jun 30, 2022 Interest income
$ 2,326,508 $ 1,624,914 $ 4,615,300 $ 3,023,389 Interest expense
346,257 118,414 604,254 234,407 Net interest income
1,980,251 1,506,500 4,011,046 2,788,982 Loan loss provision
45,000 - 90,000 - Noninterest income
235,399 225,952 448,381 457,916 Salaries and employee benefits
743,477 610,036 1,514,905 1,264,652 Occupancy expense
139,102 147,568 296,535 303,632 Loss on sale, net of gains
9,760 - 263,055 - Other noninterest expense
533,596 425,608 1,001,418 833,473 Income before income taxes
744,715 549,240 1,293,514 845,141 Income tax expense
201,563 135,723 345,077 200,369 Net income
$ 543,152 $ 413,517 $ 948,437 $ 644,772
SOURCE: Coeur D Alene Bancorp
https://www.accesswire.com/768052/Coeur-dAlene-Bancorp-Announces-Its-Second-Quarter-and-Year-to-Date-2023-Results
What is the net income for Coeur d'Alene Bancorp in Q2 2023?
Coeur d'Alene Bancorp reported net income of $543,152 or $0.29 per share for Q2 2023.
How did the total consolidated assets change compared to last year?
Total consolidated assets decreased by 5.9% to $236.4 million compared to the previous year.
What is the increase in gross loans?
Gross loans increased by 16% to $112 million.
What is the decrease in total deposits?
Total deposits decreased to $213.1 million.
What is the year-to-date net income growth?
Year-to-date net income increased by 47% over the previous year.
What is the increase in loan demand in the second quarter?
Loan demand increased by 4.51% in the second quarter.
What is the status of the investment portfolio?
The investment portfolio remains short and continues to pay down as expected, providing liquidity in the coming quarters.
What may impact the net interest margin in the second half of the year?
Increased competition for deposits may pressure net interest margin in the second half of the year.
